Zinger Key Points
- SC Ventures’ Audax Financial Technology intends to push banks deeper in the fintech space and generate high revenues.
- With a growing B2B2X market, Audax will benefit significantly by providing BaaS and digital banking solutions.
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Standard Chartered ADR's SCBFY innovation, fintech investment and ventures arm, SC Ventures, launched a digital banking technology solutions provider, Audax Financial Technology.
Singapore-headquartered Audax's goal is to push banks deeper in their digital transformation by creating new business models, serving new customer segments and seeking new revenue avenues.
The platform can deal with client and staff interfaces, deposits and lending products, client servicing and data reporting. The new company also has the capability to carry on seamless solutions for banks without the need to migrate from their existing core systems or any in-house developments.
Even as a home-grown global technology company with an initial focus in the APAC region, Audax will continue to serve Standard Chartered in a commercial capacity by powering its Banking-as-a-Service (BaaS) proposition, SC nexus, for current and future partnerships.
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The business-to-business to any-end-user (B2B2X) market is expected to reach $440 billion in annual revenues by 2030 led by growth in financial infrastructure, digital banking and embedded finance space. This is surely to benefit the company’s growth opportunities.
Before its official launch today (Thursday, Sept. 21), Audax Financial Technology powered Standard Chartered nexus, a white-label plug-and-play BaaS offering for large ecosystem players. Standard Chartered was the first global bank to provide BaaS in Asia.
Other collaborations include: Audax Financial Technology entered a commercial partnership with the Indonesian all-commerce platform Bukalapak to launch BukaTabungan for its 150 million users and 20 million business owners. The nexus enabled users to simplify their digital account opening to be as fast as two minutes.
SC nexus assisted beauty e-commerce platform, Sociolla for setting up digital banking for their customers. And, the company is set to partner with a third company targeted for launch in the fourth quarter of 2023.
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